Cairo – Cairo Three A for International Industries has submitted a binding letter offer letter to acquire 13.654 million shares owned by Cairo Poultry in the Egyptian Starch and Glucose.
The offer is valued at EGP 450-510 million with a share price ranging from EGP 8.98 to EGP 10.18, Cairo Poultry said in a bourse filing on Sunday.
The final price will be determined upon the completion of the due diligence process due to be concluded no later than 9 April.
Upon accepting the offer, Cairo Poultry will accept any price offered by the purchaser within the price range and sell its interest in the Egyptian Starch and Glucose in response to the mandatory tender offer to be submitted by the purchaser no later than 12 April.
After a board meeting, Cairo Poultry will announce its stance on the offer no later than 6 February.
It is noteworthy that the Egyptian Company for International Touristic Projects (Americana Egypt) also received an offer from Cairo Three A to sell its entire stake, amounting to 11.636 million shares.
During the first nine months of 2019, Cairo Poultry reported net profits of EGP 153.22 million, compared to EGP 100.3 million in the year-ago period.
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